I was diagnosed when I was 4 and am 38 now. No diabetes complications and I have a healthy (non-diabetic) son of my own, great marriage, and busy job. There are lots of normal, everyday people who have diabetes. Your son will have to do some things differently, but there's no reason he can't have a long and healthy life.
Take care and let us know what questions you may have. I really recommend the Pink Panter Diabetes book published by the Barbara Davis Center for Childhood Diabetes in Denver. Here is a link to it and you can also purchase from them or Amazon. It gives a good overview for grandparents, babysitters, etc.
I'm also attaching a list of good diabetes books. It's lengthy, so just look it over when things calm down a bit.
In another year or two your son will be old enough for diabetes summer camp too. Ask your doctor or go online to find one in your area. Great place for him to have fun and meet other diabetic kids and it will give you a break too.
Take care. -Jenna